We have audited the accompanying financial statements of
M/s. Kataria Industries Limited

[CIN:U68100MP2004PLC029530] (herein referred to as “the
Company"), which comprise the balance sheet as at March
31, 2026, the statement of Profit and Loss, and the
statement of cash flows for the year then ended, and notes
to the financial statements, including material accounting
policies and other explanatory information.

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
financial statements give the information required by the
Companies Act 2013 (“the Act") in the manner so required
and give a true and fair view in conformity with the
Accounting Standards prescribed under section 133 of the
Act and other accounting principles generally accepted in
India, of the state of affairs of the Company as at March 31,
2026, its profits and its cash flows for the year ended on
that date.

Basis for Opinion

We conducted our audit of the financial statements in
accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Act. Our responsibilities under
those Standards are further described in the Auditor's
Responsibilities for the Audit of the Financial Statements
section of our report. We are independent of the Company
in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India (“ICAI") together
with the ethical requirements that are relevant to our audit
of the financial statements under the provisions of the Act
and rules made there under, and we have fulfilled our other
ethical responsibilities in accordance with these
requirements and the ICAI's Code of Ethics. We believe that
the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the
financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
financial statements of the current period. These matters are
addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters.

Other Information

The Company's management and Board of Directors are
responsible for the other information. The other
information comprises the information included in the
Company's annual report, but does not include the
financial statements and our auditor's report thereon. The
Company's annual report is expected to be made available
to us after the date of this auditor's report.

Our opinion on the financial statements does not cover the
other information and we do not express any form of
assurance conclusion thereon.

In connection with our audit of the financial statements,
our responsibility is to read the other information
identified above when it becomes available and, in doing
so, consider whether the other information is materially
inconsistent with the financial statements or our
knowledge obtained in the audit or otherwise appears to
be materially misstated.

Management's and Board of Directors'
responsibilities for the Audit of the Financial
Statements

The Company's management and Board of Directors are
responsible for the matters stated in section 134(5) of the
Act with respect to the preparation of these financial
statements that give a true and fair view of the state of
affairs, profits and cash flows of the Company in
accordance with the accounting principles generally
accepted in India, including the Accounting Standards
specified under section 133 of the Act. This responsibility
also includes maintenance of adequate accounting records
in accordance with the provisions of the Act for
safeguarding of assets of the Company and for preventing
and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent;
and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively
for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and
presentation of the financial statements that give a true
and fair view and are free from material misstatement,
whether due to fraud or error.

In preparing the financial statements, management is
responsible for assessing the company's ability to continue
as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern
basis of accounting unless Board of Directors either
intends to liquidate the company or to cease operations,
or has no realistic alternative to do so.

The Board of Directors are also responsible for overseeing
the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the
Financial Statements

Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and
to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not
a guarantee that an audit conducted in accordance with the
SAs will always detect material misstatement when it exists.
Misstatements can arise from fraud or error and are
considered material if, individually or in aggregate, they
could reasonably be expected to influence the economic
decision of the users taken on the basis of these financial
statements.

As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional skepticism
throughout the audit. We also:

> Identify and assess the risk of material misstatement of
the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

> Obtain an understanding of internal controls relevant to
the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3) of
the Act, we are also responsible for expressing our
opinion on whether the Company has adequate internal
financial control system in place and the operating
effectiveness of such control.

> Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by management and Board of
Directors.

> Conclude on the appropriateness of management's and
Board of Director's use of the going concern basis of
accounting in preparation of financial statements and,
based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that
may cast significant doubt on the Company's ability to
continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw
attention in our auditor's report to the related disclosures
in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of
our auditor's report. However, future events or conditions
may cause the Company to cease to continue as a going
concern.

> Evaluate the overall presentation, structure and content
of the financial statements, including the disclosures, and
whether the financial statements represent the underlying
transactions and events in a manner that achieves fair
presentation.

We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of audit and significant audit findings, including any
significant deficiencies in internal control that we identify
during our audit.

We also provide those charge with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and to
communicate with them all relationships and other matters
that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.

From the matters communicated with those charged with
governance, we determine those matters that were of
most significance in the audit of the financial statements of
current period and are therefore the key audit matters. We
describe these matters in our auditor's report unless law or
regulation preclude public disclosure about the matter or
when, in extremely rare circumstances, we determine that
a matter should not be communicated in our report
because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest
benefits of such communication.

Report on Other Legal and Regulatory
Requirements

1. As required by the Companies (Auditor's Report) Order,
2020 (“the order") issued by the Central Government in
terms of section 143 (11) of the Act, we give in “Annexure
A" a statement on the matters specified in paragraph 3
and 4 of the order, to the extent applicable.

2. As required by section 143(3) of the Act, based on our
audit, we report that:

a. We have sought and obtained all the information and
explanations which to the best of our knowledge and
belief were necessary for the purpose of our audit.

b. In our opinion, proper books of accounts as required
by law have been kept by the Company so far as it
appears from our examination of those books, except
for certain matters in respect of audit trail as stated in
paragraph 3(vi) below.

c. The balance sheet, the statement of Profit and Loss,
and the statements of Cash Flow dealt with by this
report are in agreement with relevant books of
account,

d. In our opinion, the aforesaid financial statements
comply with the Accounting Standards specified
under section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014,

e. On the basis of written representations received from
the directors as on March 31, 2026 taken on record by
the Board of Directors, none of the directors is
disqualified as on March 31, 2026 from being
appointed as a director in terms of section 164(2) of
the Act.

f. The modifications relating to the maintenance of
accounts and other matters connected therewith in
respect of audit trail are as stated in paragraph 2(b)
above on reporting under section 143(3)(b) of the Act
and paragraph 3(vi) below on reporting under rule
11(g) of the Companies (Audit and auditors) Rules,

2014.

g. With respect to adequacy of the internal financial
controls over financial reporting of the Company and
the operating effectiveness of such controls, refer to
our separate report in “Annexure A".

3. With respect to the other matters to be included in the
Auditor's Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our
opinion and to the best of our information and according
to the explanation given to us:

i. The Company has disclosed the pending litigations
which may have impact on its financial position in its
financial statements. (Refer Note 35 to the financial
statements.)

ii. The Company did not have any long-term contracts
for which there were any material foreseeable losses.

iii. There has been no occasion or requirement to transfer
any amount to the Investor Education and Protection
Fund by the Company.

iv. a. The management has represented that, to the best
of its knowledge and belief, as disclosed in notes
40i(i) to the financial statements, no funds have been
advanced or loaned or invested (either from
borrowed funds or share premium or any other
sources or kind of funds) by the company to or in any
other persons or entities, including foreign entities
(“intermediaries) with the understanding, whether
recorded in writing or otherwise, that the
intermediary shall :

• directly or indirectly lend or invest in other persons
or entities identified in any manner whatsoever by or
on behalf of the company (“Ultimate beneficiary")
or

• provide any guarantee, security or the like to or on
behalf of the Ultimate Beneficiaries.

b. The management has represented that, to the best of
its knowledge and belief, as disclosed in notes 40i(ii)
to the financial statements, no funds have been
received by the company from any persons or entities,
including foreign entities (“Funding Parties"), with the
understanding, whether recorded in writing or
otherwise, that the company shall:

• directly or indirectly, lend or invest in other persons
or entities identified in any manner whatsoever by or
on behalf of the Funding Party ("Ultimate
Beneficiaries")

or

• provide any guarantee, security or the like from or
on behalf of the Ultimate Beneficiaries; and

c. Based on such audit procedures as considered
reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused to us
to believe that the representations under sub-clause (i)
and (ii) of Rule 11(e) under sub-clause (iv)(a) and (iv)(b)
contain any material misstatement.

v. The company has neither declared nor paid any

dividend during the year.

vi. Based on our examination which included test checks

and in accordance with requirements of the
Implementation Guide on Reporting on Audit Trail
under Rule 11(g) of the Companies (Audit and Auditors)
Rules, 2014, except for the instances mentioned
below, the Company has used accounting softwares
for maintaining its books of account, which have a
feature of recording audit trail (edit log) facility and
the same has operated throughout the year for all
relevant transactions recorded in the respective
softwares:

a. The feature of recording audit trail (edit log) facility
was not enabled to log any direct data changes for
the accounting software used for recording and
maintaining payroll information.

Further, where audit trail (edit log) facility was enabled
and operated throughout the year, we did not come
across any instance of audit trail feature being
tampered with during the course of our audit.

The back-up of audit trail (edit log) has been
preserved by the Company as per the statutory
requirements for record retention.

4. As required by Section 197(16) of the Act based on our
audit, we report that the remuneration paid by the
Company to its directors during the current year is in
accordance with the provisions of and limits laid down
under section 197 read with Schedule V to the Act.

For Ashok Kumar Agrawal & Associates

Chartered Accountants
Firm Reg. No. 022522C

CA Ashok Kumar Agrawal

(Proprietor)
Membership No.: 071274
UDIN: 26071274TMEEBB7130